What is the market's earnings forecast for Boot Barn next quarter?

Did Boot Barn beat or miss consensus estimates last quarter?

What is Boot Barn's latest dividend and current dividend yield?

What is Boot Barn's gross profit margin?

What is the revenue and EPS growth rate for Boot Barn year over year?

What guidance did Boot Barn's management provide for the next earnings period?

What were the key takeaways from Boot Barn's earnings call?

What were the key takeaways from Boot Barn’s earnings call?

- **Revenue & Profit Growth**: Q2 revenue up 19% to $505M, EPS jumps 44% to $1.37, driven by 8.4% same-store sales growth and 64 new stores.
- **Market Expansion**: TAM expands to $58B, targeting 1,200 stores by FY26 with 12-15% annual growth; exclusive brands now 41% of sales.
- **E-commerce Surge**: Q2 e-commerce sales +14.4%, October comps up 24% via AI-driven search and paid social media.
- **Financial Strength**: Non-GAAP EPS beats expectations at $1.08, gross profit +20% to $184M, with 50 basis points margin improvement.
- **Strategic Initiatives**: New Hawx and Cody James websites boost omnichannel engagement; AI integration enhances customer experience and inventory efficiency.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue increased 19% to $505 million, driven by 8.4% consolidated same-store sales growth and 64 new stores opened over the past year. EPS rose 44% to $1.37.
- **Market Expansion**: Total addressable market (TAM) expanded from $40 billion to $58 billion, with a long-term store target of 1,200 locations (12-15% annual growth). Exclusive brand penetration reached 41% of sales.
- **Strategic Initiatives**: New websites for Hawx and Cody James brands drove omnichannel engagement, and AI integration improved customer experience and inventory management.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income was $420 million, with Non-GAAP EPS of $1.08 exceeding expectations. Gross profit rose 20% to $184 million, reflecting a 50 basis point improvement in gross profit rate.
- **Guidance Update**: Full-year sales projected at $2.235 billion (+17%), with 6% same-store sales growth and 50 basis points of merchandise margin expansion. Capital expenditures expected between $125 million and $130 million.
- **Balance Sheet**: $65 million in cash, $0 drawn on $250 million revolving credit facility, and $12.5 million in share repurchases under a $200 million program.

**【Q&A Highlights】**
- **Comps & Tariffs**: October comps accelerated to 9.3%, but Q3 guidance includes a 3% macro haircut. Exclusive brand price increases will be implemented post-holiday to mitigate tariff impacts.
- **E-commerce Success**: E-commerce sales grew 14.4% in Q2, with October comps up 24% driven by AI-enhanced search and paid social media.
- **Store Growth**: 70 new stores planned for FY26 (25 in Q3, 15 in Q4), with average store sales of $3.2 million and 100 basis points of same-store sales tailwind.
- **Margin Leverage**: Operating margin target of 15% remains achievable, with buying/occupancy leverage at 7.5% and SG&A efficiency improving by 120 basis points.

Boot Barn Holdings, Inc. (BOOT) Q2 2026 Earnings Call Transcript

- **Revenue Surge**: Q1 2026 revenue up 19% YoY to $504M, driven by 9.4% same-store sales growth and 40.6% exclusive brand penetration.
- **New Store Dominance**: 14 new stores opened, generating $3.2M annual revenue each, outperforming legacy stores by 350bps.
- **Omnichannel Growth**: E-commerce comps +9.3%, with BOPIS and ship-to-store at record levels.
- **Margin Expansion**: Merchandise margin +180bps YoY, exclusive brands driving 630bps growth over 6 years.
- **Q2 Momentum**: 11.7% same-store sales growth in early Q2, but cautious outlook for flat comps in Q3/Q4.
- **Tariff Strategy**: Third-party price increases completed, exclusive brands to hold prices until fall to test elasticity.
- **Updated Guidance**: Full-year sales $2.18B, EPS $6.70, with Q2 EPS guidance $1.27 (+34% YoY).

**【CEO Summary Section】**
- **Revenue Growth**: Q1 2026 revenue reached $504 million, up 19% YoY, driven by 9.4% consolidated same-store sales growth. Exclusive brand penetration rose to 40.6%, with Hawx and Cody James campaigns showing early success.
- **New Store Momentum**: 14 new stores opened in Q1, with 65-70 planned for FY26. New stores generate ~$3.2M annual revenue and outperform legacy stores by 350bps, contributing a 100bps tailwind to comps.
- **Omnichannel Success**: E-commerce comps grew 9.3%, with BOPIS and ship-to-store at record levels. AI initiatives, like search functionality and Cassidy assistant, enhance customer experience.
- **Merchandise Margin Expansion**: Merchandise margin increased 180bps YoY, with exclusive brands driving 630bps growth over 6 years. Tariff-related price increases on third-party goods completed by end-August; exclusive brands will hold prices until fall.
- **Current Business Strength**: Q2 start shows 11.7% same-store sales growth, but cautious outlook for flat comps in Q3/Q4 due to macro uncertainty.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $420M, Non-GAAP EPS of $1.74 (38% YoY growth). Gross profit rate improved 210bps to 39.1%, driven by buying economies and exclusive brand growth.
- **Expense Management**: SG&A at 25.1% of sales, stable YoY. Inventory up 23% YoY to $774M, with markdowns below historical levels.
- **Updated Guidance**: Full-year sales $2.18B (+14%), same-store sales +3.5%, merchandise margin 50.3% of sales. Q2 EPS guidance $1.27, up 34% YoY.

**【Q&A Key Highlights】**
- **Demand Drivers**: July comps up 11.7% on 11% transaction growth, fueled by broad category strength (denim, work boots). Tariff-related price increases on third-party goods completed, exclusive brands to test price elasticity post-holiday.
- **Inventory Health**: Markdowns at historical lows, healthy inventory flow supports Q2 guide. Exclusive brand penetration expected to stay above 40%.
- **Store Growth**: 65-70 new stores in FY26, with 15% annual growth target. New stores outperform legacy stores, supporting long-term expansion potential.
- **Tariff Impact**: Flat comps in Q3/Q4 assume unmitigated tariffs. Exclusive brand pricing strategy aims to balance margin preservation and market share.
- **Marketing Strategy**: Direct-to-consumer campaigns for Hawx and Cody James show early success, with plans to expand exclusive brand marketing.


Boot Barn Holdings, Inc. (BOOT) Q1 2026 Earnings Call Transcript

- **Record Growth**: Fiscal 2025 revenue hit $1.9 billion, with EPS up 23% to $5.88, fueled by 60 new stores and 130 basis points of margin expansion.
- **Strong Q4 Performance**: 17% revenue growth, 6% same-store sales, and 210 basis points margin improvement, with EPS of $1.22.
- **2026 Outlook**: Q1 sales up 9% year-to-date, but cautious on second-half demand amid $8 million tariff impact. Target 65-70 new stores and 100 basis points exclusive brand penetration growth.
- **Tariff Mitigation**: China production for exclusive brands reduced to 5% of second-half orders, with 12% global tariff rates assumed.
- **Share Buyback**: $200 million authorized, signaling confidence in cash flow generation.

**【CEO Summary Section】**
- **Record Fiscal 2025 Results**: Total revenue reached $1.9 billion, a $1 billion increase over four years, driven by 186 new stores and strong same-store sales growth. Earnings per diluted share grew 23% to $5.88.
- **Q4 2025 Performance**: Revenue increased 17% to $454 million, with 6% consolidated same-store sales growth (5.5% in stores, 9.8% online). Merchandise margin expanded 210 basis points, and EPS was $1.22.
- **2026 Outlook**: Q1 same-store sales up 9% year-to-date, but cautious on second-half demand amid tariffs. Plan to open 65-70 new stores, maintaining 15% unit growth.
- **Tariff Mitigation Strategy**: China production for exclusive brands reduced to 5% of second-half 2026 orders, with $8 million incremental tariff impact expected.
- **Exclusive Brands Growth**: Penetration rate of 38.6% in 2025, up 1,500 basis points over four years. Aim to grow penetration by 100 basis points in 2026 while maintaining margin rate.

**【CFO Financial Commentary】**
- **Q4 Financials**: Gross profit rose 21% to $169 million (37.1% margin). SG&A was $119 million (26.2% of sales). Net income per diluted share was $1.22.
- **2026 Guidance**: 
  - **High End**: $2.15 billion in sales (+13%), 2% same-store sales growth, $1.08 billion in merchandise margin (50.1% rate), EPS of $6.40.
  - **Low End**: $2.07 billion in sales (+8%), 2% same-store sales decline, $1.04 billion in merchandise margin (49.8% rate), EPS of $5.50.
- **Q1 2026 Outlook**: $491 million in sales, 6% same-store growth, $254 million in merchandise margin (51.7% rate), EPS of $1.52.
- **Share Repurchase Program**: $200 million authorized, with $50 million planned for 2026.

**【Q&A Highlights】**
- **Sales Momentum**: Q1 same-store sales up 9% year-to-date, but expect flattish comps in second half due to potential price elasticity.
- **Pricing Strategy**: Flexible on exclusive brands, but constrained by MAP pricing for third-party vendors.
- **Tariff Impact**: $8 million incremental cost in second half, partially offset by diversified sourcing.
- **SG&A Leverage**: 50 basis points of improvement expected in 2026, driven by new store EBITDA contributions.
- **Work Boot Recovery**: Increased marketing and AI tools to enhance in-store selling.

Boot Barn Holdings, Inc. (BOOT) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: Q3 revenue up 17% to $608M, with 8.6% same-store sales growth (8.2% stores, 11.1% online). 60 new stores opened FY25.
- **Profit Expansion**: EPS of $2.43 (+36% YoY), with full-year EPS guidance raised to $5.90 (+24%). Merchandise margin +130 bps to 39.3%.
- **Digital Momentum**: E-commerce sales +11.1% Q3, loyalty program active members +15% to 9.4M.
- **Growth Engine**: 15% annual new store growth, 100 bps exclusive brand penetration, and 30-40 bps annual margin expansion.
- **Risk Management**: Minimal markdown inventory, 23% YoY inventory growth balanced with 1% same-store increase.


**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue increased 17% to $608 million, driven by 8.6% consolidated same-store sales growth (8.2% in stores, 11.1% online). New store openings reached 39 year-to-date, with 60 planned for FY25.
- **Margin Expansion**: Merchandise margin expanded 130 bps to 39.3%, fueled by supply chain efficiencies, exclusive brand penetration (up 180 bps), and better buying economies of scale.
- **Operational Strength**: Fiscal January same-store sales grew 8.3% (8.2% stores, 17.1% e-commerce), with strong execution across supply chain, inventory management, and customer engagement (loyalty program +15% to 9.4 million active members).

**【CFO Financial Commentary】**
- **Earnings Performance**: Q3 EPS of $2.43 (vs. $1.81 prior year) included a $0.22 benefit from CEO transition. Full-year guidance raised to $1.92 billion in sales (+15%) and EPS of $5.90 (+24%).
- **Cost Management**: SGA as % of sales improved 90 bps to 22.9%, driven by incentive compensation reversal. Inventory up 23% YoY but 1% on a same-store basis, reflecting strategic investments.
- **Future Outlook**: Q4 guidance: $460M sales (+17%), 7.8% same-store growth, 120 bps margin expansion. FY26 targets include 15% new store growth and 100 bps exclusive brand penetration.

**【Q&A Key Takeaways】**
- **Inventory & Markdown Risk**: Minimal markdown inventory, with focus on fashion-agnostic products. Q3 end inventory up 23% YoY but well-positioned for holiday.
- **Tariff Exposure**: 30% China, 25% Mexico sourcing. Testing alternative suppliers but no immediate plans to shift production.
- **Private Label Growth**: Hawx work boots and Cody James Western brands driving 100 bps margin expansion. FY25 exclusive brand penetration target: +100 bps.
- **Work Boots Category**: Underperforming vs. Western/Apparel, but testing lease-up vs. pull-on styles to drive improvement.
- **Digital Strategy**: Connected TV and artist collaborations (e.g., Morgan Wallen) driving e-commerce traffic. Q3 e-commerce comp +11.1%, with 1M+ store locator visits.

**【Long-Term Drivers】**
- **Store Expansion**: Target to double U.S. store count over several years, with 15% annual new unit growth. New stores opening in Alaska, Vermont, and Rhode Island in Q4.
- **Margin Leverage**: 30-40 bps annual merchandise margin expansion via exclusive brands (200 bps), buying efficiencies (10 bps), and supply chain (10 bps).
- **Customer Engagement**: Active loyalty program members +15%, with tailored marketing (radio, direct mail, digital) driving traffic and retention.


BOOT

BOOT fundamentals

Earnings Call

You can ask Aime